The Habit…

Most people don’t think about capital markets at 7:30 in the morning.

They’re thinking about coffee — how fast they can get it, whether the line is moving, if their usual order is already waiting.

What feels like a routine… is actually one of the most efficient cash-flow machines in America.

And now, it’s heading back to Wall Street.

Dunkin’ is preparing to go public again — this time inside a private equity-built restaurant portfolio that looks a lot bigger than it actually is.

On paper, it’s diversification.

In reality, it’s something else.

Here’s the story ⇩

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Everyone’s hunting for the next Unicorn.

The type of “category disruptor” that grows fast and turns early believers into big winners.

59,000+ investors think that Mode Mobile could be one of those rare finds.

Americans spend 4 ½ hours on their phones daily, and Mode Mobile is monetizing that screentime. With $1B+ earned by over 490M customers and 32,481% revenue growth, Mode’s EarnPhone is turning smartphones into income generating assets.

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Disclaimers *Please read the offering circular and related risks at invest.modemobile.com.
Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
**Please read InvestingPie, LLC’s full disclaimer in the footer.

The Dunkin’ Paradox

Inspire Brands presents itself as a collection of major restaurant concepts — six brands, global reach, billions in revenue. Structurally, it should behave like a diversified portfolio.

But diversification only works when each piece can stand on its own.

Here, one piece clearly does more than the rest.

Dunkin’ isn’t just part of the portfolio — it is the portfolio. The rest adds scale, but not equal contribution.

Dunkin’ has also been the only brand genuinely investing in its future. Since 2021 it has been rolling out next-generation stores with mobile order pickup, digital kiosks, and drive-thru upgrades — scaling from 1,000 updated locations to 4,000 by mid-2024.

The honest version of this IPO is not “buy a restaurant empire.” It is “buy Dunkin’ — and get five other brands you did not ask for.”

That is not necessarily bad. But it is worth knowing.

The Setup (what you’re actually looking at)

On paper, this is what the market is being asked to price:

→ ~33,300 locations globally
→ ~$33.4 billion in systemwide sales
→ ~$20 billion target valuation

Looks like scale.
Looks like diversification.

The Reality (what’s actually driving it)

Underneath that, the picture gets a lot simpler:

→ ~50% of the entire system = Dunkin’
→ $12.5 billion in U.S. sales alone
→ More than 2× Sonic
→ Nearly 3× Arby’s
→ Both Sonic and Arby’s declining year-over-year

That’s not diversification.
That’s concentration… with branding.

SPONSOR BREAK presented by Mode Mobile**

The Next Breakout Might Be in Your Pocket
Everyone’s hunting for the next Unicorn.

The type of “category disruptor” that grows fast and turns early believers into big winners.

59,000+ investors think that Mode Mobile could be one of those rare finds.

Americans spend 4 ½ hours on their phones daily, and Mode Mobile is monetizing that screentime. With $1B+ earned by over 490M customers and 32,481% revenue growth, Mode’s EarnPhone is turning smartphones into income generating assets.

Their previous raises sold out, and the company is now offering pre-IPO shares at $0.50/share with up to 20% bonus, exclusive to early investors. 

Being early is everything, and this window is still open.
>> Review the offer before it closes
 

Disclaimers *Please read the offering circular and related risks at invest.modemobile.com.
Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
**Please read InvestingPie, LLC’s full disclaimer in the footer.

The PE Playbook

This setup didn’t happen by accident.

In 2020, Roark Capital took Dunkin’ private for $11.3 billion. At the time, the company wasn’t broken — it was simply undervalued relative to what it could become.

That’s where private equity operates best.
1 Take the asset off the public market.
2 Improve what actually drives value.
3 Bring it back when the story is cleaner.

For Dunkin’, that meant focusing on efficiency — not reinvention.

Over the past few years:
→ Store formats were upgraded
→ Digital ordering expanded
→ Drive-thru throughput improved

The business didn’t change at its core. It just got better at what it already did.

Six years later, Roark wants to sell. And the asking price is $20 billion — nearly double what they paid.

The IPO Window

Inspire isn’t stepping into the market alone.

A growing list of companies that stayed private through 2025 are starting to move:

→ Jersey Mike’s filed for an IPO last month, targeting a valuation of at least $12 billion.
→ SpaceX is reportedly planning a listing that could value the company at over $1 trillion.
→ Several other consumer and retail companies have already gone public this year after a long drought.

The IPO market, which was essentially frozen through most of 2025 due to tariff uncertainty and market volatility, is thawing.

It is worth watching how the first few big listings actually trade before getting too excited.

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The Timing Problem

But the backdrop isn’t entirely clean.

At the same time this IPO is coming together, some of the strongest operators in the space are starting to flag pressure on the consumer.

Higher gas prices.
Tighter budgets.
More selective spending.

Even companies like McDonald’s and Domino’s — which tend to hold up well across cycles — are acknowledging the shift.

Fast food sits in an interesting middle ground.

It feels essential.
But behaves like discretionary when conditions tighten.

Gas is heading toward $5 a gallon nationally. When that happens, the first thing consumers cut back on is discretionary spending.

Dunkin’ has proven more resilient, partly because its average ticket is lower than competitors and partly because coffee is the last habit people give up.

But the environment still matters.

And right now, those conditions are stable… but not easy.

Lesson Of The Day:

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